Bankrupt crypto lender Celsius Network has nearly completed distributing funds to creditors, leaving just $13 million in cryptocurrencies on-chain, according to blockchain analytics firm Arkham.
Since January 2024, Celsius has distributed more than $2.5 billion to more than 250,000 creditors, representing 93% of eligible funds. Court documents reveal that the company has so far allocated more than $3 billion in assets as part of its restructuring and payout plan.
Approximately 251,000 of the 372,000 eligible payees from 165 countries have received their distributions. The majority of these funds were distributed through major platforms like PayPal/Venmo and Coinbase, as well as direct cash transfers. According to previous reports, the distribution process began on January 31 and reached $2 billion by February.
The remaining 121,000 creditors have faced difficulties in claiming their funds, primarily due to complex requirements such as account verifications and providing accurate banking information. The majority of these unresolved claims are for smaller amounts, with 64,000 creditors owing less than $100 and 41,000 creditors owing between $100 and $1,000. Given the low value of these claims, many creditors reportedly are not motivated to complete the necessary steps to recover their distributions.
While the distribution process is nearing completion, Celsius’ remaining on-chain assets are relatively modest compared to previous holdings. The assets include approximately $7.95 million in BENQI Liquid Staked AVAX (SAVAX), $1.93 million in Aave Polygon WBTC, $1.15 million in Binance Wrapped BTC (BBTC), and $612,000 in Ethereum (ETH).
*This is not investment advice.